Exclusive: Data Analytics for NPAs, Cybersecurity, and People Management, Priority Post Lockdown: Co-Op Bank Experts

Analyzing data for the management of non-performing assets (NPA), upgrading the cybersecurity infrastructure, restoring trust and putting in place a people management mechanism are the first list of priorities during operations after the lockdown, according to experts representing cooperative banks.

While discussing business continuity plans and preparedness for the fight against Covid-19 during a live webinar hosted by Elets Technomedia, senior leaders of cooperative banks raised concerns about the rise of NPAs, fear of cybersuccess due to the great popularity of Work from Home Option, need to manage people when they come back to branches after foreclosure and gain the trust people lost after several financial frauds.

“COVID is an opportunity for cooperative banks to improve and upgrade their services to the same level as private banks,” says Vishal Rathod, Chief Information Officer, NKGSB Co-op Bank Ltd.

We are in the era of cooperative banks and we have enormous room for improvement. Public and private banks have already saturated their limits because they have been investing in technology for a long time. We have a range of loyal customers. So cooperative banks are next. We put customers first before any deployment and keep this in mind that technology can make their lives easier. Services should be provided to them faster and at lower cost. Customer experience is going to play a big role, ”said Rathod.

Read also: Covid-19 lockdown will benefit Indian economy: SBI

Speaking about how NPAs are going to become a challenge after COVID, Rathod said, “NPAs are going to become a huge challenge after COVID because a lot of businesses are not going to be doing well. So, plan these NPAs ahead of time and help our disaster recovery teams come up with the right strategy to deal with the account in terms of the metrics and strategies we’re working on. So we need solid data and analysis.

Industry experts point to fear of cyberthreats due to the adoption of the Work From Home option due to the use of personal laptops and less secure internet connections.

Explaining his point of view on this, Rathod says: “Creating a quality and secure infrastructure is our priority. We need to be prepared to deal with a situation where our employees are working from home and we all know the fear of COVID is not going to escape anytime soon, so infrastructure and security services to deal with the situation should. be ready. Cyber ​​security is therefore important to us.

While the lockdown will eventually ease and relaxations on access to multiple services will occur soon. However, the effect of the crown and its infection will continue until a solution to end its presence is initiated by professionals and health agencies.

Speaking about the challenge that banks are most likely to face when they hit branches like before and the urgent need to put in place a people management system for safety as well as customer safety, Milind Varerkar, Director IT general, Saraswat Bank declares, “After the covid, customers would come back to the branch. Thus, we should have a strong people management policy in place, as well as a user-friendly policy for employees where they will feel confident and safe to return to their workstations and clients, should also feel safe to visit the branch. In addition, we will have to explore the area of ​​convergence with Fintech for the deployment of better technologies and API would be on the priority list to capture customer information.

Read also: Why is working from home a challenge for the financial industry?

“People would also be hesitant to visit branches and if so, how should we reach them to complete their loan and advance requests. So in this case there should be a system in place where they can submit their documents like Video KYC and others. In addition, we need to have a robust cybersecurity infrastructure to deal with threats, ”says Varerkar.

As new challenges emerge during the pandemic situation, it is also important to take charge of the older challenges that existed before the epidemic.

Shekhar Atmaram Desai, CEO of Thane Sahakari Bank Ltd, said:The top priority would be to restore trust and relationship with our customers. As a result of recent divergences between several banks, people’s confidence in lenders has actually been shaken. As for NPAs, the moratorium granted by the Reserve Bank of India would help keep things in place. My request to the lender would be for a further extension of the moratoriums to 12 months rather than granting three months on the installments. In addition, the technology is oxygen, so the deployment of new technologies is also important. “

La Poste Bancaire & Financière is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
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